Looking ahead, we will compete with technology, but win with people. We will be people-led and tech-empowered.

One of the technology leaders, a few years ago, was visiting with me here and we were writing on the whiteboard and they stopped and turned around and looked at me and said, "Oh my God, you're going to win." And I said, "Yeah, but why?". "Now, tell me how".

Together, we're building a new Walmart. We're going to make shopping with us faster, easier and more enjoyable. We'll do more than just save customers money and you, our associates, will make the difference.

I think that people that shop Walmart frequently and love the brand the most find it very natural to come to us first for e-commerce. But for others that may shop around or not have chosen to shop at Walmart in the past, you get what you earn, and our opportunity to earn their business starts with winning their grocery and consumables basket.

More than ever, Walmart will be a ladder of opportunity.

One way to think about Walmart is a very large river of merchandise, moving from raw material to a customer and anytime that river of merchandise has imperfections, we either have an out of stock or we have some sort of overstock that creates additional costs, labor markdowns, accidents, damages.